To go or not to go: that is the question. Presumably, this Shakespearean query has lately been on John Ho's mind, Asia director of The Children's Investment Fund, as well as other global investors seriously considering pouring more money into Japanese capital markets.

"We will not invest more in Japan until we see visible signs of change. And that's what many other foreigners are thinking exactly the same way," Ho said in an interview at a Tokyo hotel.

Among changes that Japan badly needs, the 31-year-old fund manager cited an improvement in corporate governance as the top priority.